Payward has entered into a definitive agreement to acquire Saldo Finance, the parent company of Saldo Bank. Completion of the acquisition is scheduled for 2027, and Payward is expected to become the first cryptocurrency company to acquire a European bank.
Payward, the company behind cryptocurrency exchange Kraken, announced on the 14th that it had entered into a definitive agreement to acquire Finnish holding company Saldo Finance, which owns Saldo Bank, a Lithuanian-licensed bank. If completed, Payward is expected to become the first cryptocurrency company to acquire a European bank.
The acquisition follows Payward’s build-out of regulatory infrastructure, including a limited-purpose master account with the Federal Reserve in the US and an electronic money institution licence in Ireland. The company says it aims to expand its customer base by leveraging its licences in the European market.
Co-CEO Arjun Sethi said that EU banks, by being subject to regulation, could become primary financial institutions for European customers, and indicated a policy of pursuing global expansion from the EU.
Completion of the acquisition is scheduled for 2027. Following completion, Payward is expected to expand its offerings to include interest on deposits, lending to SMEs and consumers, card issuance and SEPA payments.